FOUREL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FOUREL
Largest movements
- Tangible fixed assets +€425,005
up €425,005 (+33.6%), from €1.3m to €1.7m
of which Land and buildings: +€601,238
- Receivables within one year +€36,645
up €36,645 (+112.0%), from €32,732 to €69,376
of which Trade receivables: +€29,494
- Cash -€21,665
down €21,665 (-94.1%), from €23,031 to €1,366
mainly Investment in fixed assets (net) (-€501,315) and Receivables within one year (-€36,645)
- Debts after one year +€419,213
up €419,213 (+55.7%), from €752,179 to €1.2m
- Depreciation +€40,790
up €40,790 (+114.8%), from €35,521 to €76,310
- Financial charges +€19,922
up €19,922 (+88.6%), from €22,481 to €42,403
- Taxes -€19,240
down €19,240 (-83.8%), from €22,972 to €3,732
- Gross operating margin +€12,369
up €12,369 (+6.4%), from €193,242 to €205,610
- Staff costs +€6,167
up €6,167 (+9.3%), from €66,193 to €72,360
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,356,809 | €1,800,259 | +€443,451 | +32.7% |
| Fixed assets | 21/28 | €1,264,034 | €1,689,039 | +€425,005 | +33.6% |
| Tangible fixed assets | 22/27 | €1,264,034 | €1,689,039 | +€425,005 | +33.6% |
| Land and buildings | 22 | €1,074,967 | €1,676,205 | +€601,238 | +55.9% |
| Plant, machinery and equipment | 23 | €1,580 | €650 | -€930 | -58.9% |
| Furniture and vehicles | 24 | €14,410 | €12,184 | -€2,225 | -15.4% |
| Assets under construction and advance payments | 27 | €173,077 | €0 | -€173,077 | -100.0% |
| Current assets | 29/58 | €92,774 | €111,220 | +€18,446 | +19.9% |
| Amounts receivable after more than one year | 29 | €35,319 | €36,909 | +€1,589 | +4.5% |
| Other amounts receivable | 291 | €35,319 | €36,909 | +€1,589 | +4.5% |
| Amounts receivable within one year | 40/41 | €32,732 | €69,376 | +€36,645 | +112.0% |
| Trade receivables | 40 | €27,588 | €57,082 | +€29,494 | +106.9% |
| Other amounts receivable | 41 | €5,144 | €12,295 | +€7,151 | +139.0% |
| Cash at bank and in hand | 54/58 | €23,031 | €1,366 | -€21,665 | -94.1% |
| Deferred charges and accrued income | 490/1 | €1,692 | €3,569 | +€1,877 | +110.9% |
| Total equity and liabilities | 10/49 | €1,356,809 | €1,800,259 | +€443,451 | +32.7% |
| Equity | 10/15 | €296,016 | €302,293 | +€6,276 | +2.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €196,016 | €202,293 | +€6,276 | +3.2% |
| Distributable reserves | 133 | €196,016 | €202,293 | +€6,276 | +3.2% |
| Amounts payable | 17/49 | €1,060,792 | €1,497,966 | +€437,174 | +41.2% |
| Amounts payable after more than one year | 17 | €752,179 | €1,171,392 | +€419,213 | +55.7% |
| Financial debts | 170/4 | €752,179 | €1,171,392 | +€419,213 | +55.7% |
| Amounts payable within one year | 42/48 | €295,355 | €304,897 | +€9,542 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €52,831 | €59,206 | +€6,375 | +12.1% |
| Trade debts | 44 | €6,191 | €10,265 | +€4,074 | +65.8% |
| Suppliers | 440/4 | €6,191 | €10,265 | +€4,074 | +65.8% |
| Taxes, remuneration and social security | 45 | €35,908 | €27,202 | -€8,706 | -24.2% |
| Taxes | 450/3 | €27,102 | €17,564 | -€9,538 | -35.2% |
| Remuneration and social security | 454/9 | €8,807 | €9,638 | +€831 | +9.4% |
| Other amounts payable | 47/48 | €200,425 | €208,224 | +€7,799 | +3.9% |
| Accrued charges and deferred income | 492/3 | €13,258 | €21,678 | +€8,420 | +63.5% |
| Remuneration, social security and pensions | 62 | €66,193 | €72,360 | +€6,167 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,521 | €76,310 | +€40,790 | +114.8% |
| Other operating charges | 640/8 | €4,673 | €6,159 | +€1,486 | +31.8% |
| Gross operating margin | 9900 | €193,242 | €205,610 | +€12,369 | +6.4% |
| Operating profit (loss) | 9901 | €86,855 | €50,780 | -€36,075 | -41.5% |
| Financial income | 75/76B | €319 | €1,631 | +€1,312 | +410.7% |
| Recurring financial income | 75 | €319 | €1,631 | +€1,312 | +410.7% |
| Financial charges | 65/66B | €22,481 | €42,403 | +€19,922 | +88.6% |
| Recurring financial charges | 65 | €22,481 | €42,403 | +€19,922 | +88.6% |
| Profit (loss) for the period before taxes | 9903 | €64,694 | €10,008 | -€54,686 | -84.5% |
| Income taxes | 67/77 | €22,972 | €3,732 | -€19,240 | -83.8% |
| Profit (loss) for the period | 9904 | €41,722 | €6,276 | -€35,446 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,722 | €6,276 | -€35,446 | -85.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.